{"id":1900,"date":"2016-01-23T19:09:00","date_gmt":"2016-01-23T13:39:00","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=1900"},"modified":"2022-03-06T13:36:43","modified_gmt":"2022-03-06T08:06:43","slug":"corporate-and-professional-update-january-18-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-18-2016\/","title":{"rendered":"corporate and professional update january 18, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d035cfaa23d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d035cfaa23d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-18-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_18_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-18-2016\/#Held_No\" title=\"Held_No\">Held_No<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-18-2016\/#Held_Yes\" title=\"Held_Yes\">Held_Yes<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-18-2016\/#Amendments_in_SEBI_-Listing_Obligations_and_Disclosure_Requirements_Regulations_2015\" title=\"Amendments in SEBI -Listing Obligations and Disclosure Requirements Regulations 2015\">Amendments in SEBI -Listing Obligations and Disclosure Requirements Regulations 2015<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1.png\" rel=\"attachment wp-att-1732\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1732\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1-300x151.png\" alt=\"Untitled22A\" width=\"830\" height=\"418\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1-300x151.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1.png 475w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/span><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_18_2016\"><\/span><span style=\"color: #0000ff;\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol style=\"text-align: justify;\">\n<li>Addition u\/s 68 cannot be made solely on the ground of non-production of payer\u2019s bank statement [Shri Ashutosh Garg vs. ACIT (ITAT Delhi), IT Appeal No.-5642\/2012, A.Y 2003-04].<\/li>\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> looking to lower expense charges for mutual funds.<\/li>\n<li>Extension of the last date of filing of online return in Form 9 for the year 2014-15, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 29\/2\/2016[Circular No.34 of 2015-16].<\/li>\n<li>Defunct company to pay back wages [Narendra &amp; Co vs Workmen- Supreme Court].<\/li>\n<li>Interest on loans not allowable if loan utilized to finance sister concern with no direct or indirect benefit to assessee [Late Sh. Jagat Singh vs. ITO (ITAT Chandigarh), IT Appeal No.-327\/2012, A.Y 2007-08].<\/li>\n<li>Assessee borrower not liable to prove the source of funds in the hands of lender [Sh. Dushiant Kumar vs. ITO (ITAT Amritsar Bench), ITA No.-468\/2014, A.Y 2010-11].<\/li>\n<li>Whether the interest earned by way of temporary investment of surplus funds inextricably linked with the setting up of a power plant, prior to commencement of business, is revenue receipt and is taxable as \u201cIncome from other sources\u201d?<\/li>\n<\/ol>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Held_No\"><\/span><span style=\"color: #ff6600;\"><strong>Held_No<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The Assessee Company was in the process of setting up a power project for which additional share capital was raised from share holders. The amount was invested in FDRs for a temporary period till the orders for machineries were placed wherefrom various payments were made to the vendors. The Ld. AO treated the interest earned on FDRs as revenue receipt and assessed the same as income from other sources.<\/p>\n<p style=\"text-align: justify;\">The Hon\u2019ble High court relying on the judgment of Indian Oil Panipat Power Consortium Limited 315 <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> 255 (Delhi High Court) held that interest income was earned in a period prior to commencement of business and the money invested in the fixed deposit was inextricably linked with the setting up of the power plant hence it is in the nature of capital receipt liable to be set off against pre-operative expenses.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>The appeal was dismissed. Pr. CIT Vs. Factor Power Ltd., I.T.A. No. 1011\/2015, Date of Judgement: 07.01.2016, High Court of Delhi<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Held_Yes\"><\/span><span style=\"color: #ff6600;\"><strong>Held_Yes<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">In the given case, the Ld. AO during the assessment proceedings recorded some undisputed facts on the basis of which the Ld. AO disallowed the claims of the assessee. The same was upheld by the Ld. CIT (A).<\/p>\n<p style=\"text-align: justify;\">However, the Hon\u2019ble ITAT allowed the claim of assessee considering the order passed by them in the assessee\u2019s own case in the previous assessment year where similar facts were in question.<\/p>\n<p style=\"text-align: justify;\">The Hon\u2019ble High Court disallowed the claim of the assessee, after considering the facts brought on record during the assessment proceedings, which are independent of the facts considered by the Hon&#8217;ble ITAT.<\/p>\n<p style=\"text-align: justify;\">The Hon\u2019ble Supreme Court upheld the order of the High court stating that the Tribunal is the final fact-finding authority and it is beyond the power of the High Court, in the exercise of its reference jurisdiction, to reconsider such findings on a reappraisal of the evidence and materials on record unless a specific question with regard to an issue of fact being opposed to the weight of the materials on record is raised in the reference before the High Court.\u00a0 <span style=\"color: #00ccff;\"><strong>The appeal was dismissed. M\/s. Ganapathy &amp; Co. Vs. CIT, Civil Appeal No. 1964 of 2008, Date of Pronouncement: 18.01.2016, Supreme Court of India<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p><strong>popular blogs : <\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.caindelhiindia.com\/blog\/sebi-investment-advisors-amendment-regulations-2020\/\">SEBI<\/a> <a href=\"https:\/\/carajput.com\/press-releases\/sebi-has-extended-the-date-from-30-june-to-15-sept-2020-for-filing-of-financial-results.pdf\">has extended the date from 30 June to 15 Sept 2020 for the filing of financial results<\/a><\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Amendments_in_SEBI_-Listing_Obligations_and_Disclosure_Requirements_Regulations_2015\"><\/span><strong><a href=\"https:\/\/carajput.com\/archives\/amendments-in-sebi-listing-obligations-and-disclosure-requirements-regulations-2015.pdf\">Amendments in SEBI -Listing Obligations and Disclosure Requirements Regulations 2015<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016 Addition u\/s 68 cannot be made solely on the ground of non-production of payer\u2019s bank statement [Shri Ashutosh Garg vs. ACIT (ITAT Delhi), IT Appeal No.-5642\/2012, A.Y 2003-04]. SEBI looking to lower expense charges for mutual funds. Extension of the last date of filing of online return in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[170,3996,3997,4013,5932],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1900"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=1900"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1900\/revisions"}],"predecessor-version":[{"id":20086,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1900\/revisions\/20086"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=1900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=1900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=1900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}